There are five basic legal forms of business structures found in the United States: C corporations, S corporations, sole proprietorships, partnerships, and Limited Liability Companies (LLCs). In order to understand...
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New Jersey Governor Cites Tax Foundation Burdens Study, Calls for Tax Reform
Delivering his State of the State address on January 11, New Jersey Gov. Chris Christie (R) noted that prior to his administration, the Tax Foundation "had concluded that we [New Jersey] had the highest overall tax burden in America." The study Gov. Christie refers to is our State-Local Tax Burdens study, which measures the combined state-local tax burden shouldered by the residents of each state.
While the last version came out in 2008 (we are currently working on an updated study), news reports widely noted (New York Times, Philadelphia Inquirer, New Jersey Star-Ledger) that New Jersey moved to 48th in business tax climate in our State Business Tax Climate Index last year, after sitting at 50th for several years.
48th place out of 50 isn't exactly a cause for celebration, but the direction of movement surely is. Governor Christie previewed an upcoming tax reform proposal:
If New Jersey is to be a home for growth, we need to reform the taxes we place on business and individuals and begin to roll them back. So we need comprehensive tax reform -- and by that I mean changes that are considered together, not in a piecemeal approach. In my budget next month, I will propose the initial installment of such a package. But let's be clear: we will not put in place tax cuts that we can't pay for. Any economic incentive package that I will sign will be enacted in the context, and only in the context, of a balanced budget.
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